Kirkland Lake Gold (NYSE:KL) Posts Earnings Results, Beats Expectations By $0.05 EPS

Kirkland Lake Gold (NYSE:KL) released its quarterly earnings data on Thursday. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05, Fidelity Earnings reports. The firm had revenue of $580.98 million during the quarter, compared to analyst estimates of $566.08 million. Kirkland Lake Gold had a return on equity of 29.43% and a net margin of 36.22%.

Kirkland Lake Gold stock traded up $3.86 on Friday, hitting $54.60. 3,518,002 shares of the stock traded hands, compared to its average volume of 2,231,327. The firm has a market cap of $15.14 billion, a P/E ratio of 18.57, a price-to-earnings-growth ratio of 5.42 and a beta of 0.84. The business’s fifty day simple moving average is $42.78 and its 200 day simple moving average is $38.55. Kirkland Lake Gold has a 1 year low of $18.02 and a 1 year high of $54.74.

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.125 per share. The ex-dividend date was Monday, June 29th. This represents a $0.50 annualized dividend and a yield of 0.92%. This is a positive change from Kirkland Lake Gold’s previous quarterly dividend of $0.06. Kirkland Lake Gold’s dividend payout ratio (DPR) is currently 18.25%.

A number of analysts have recently weighed in on KL shares. National Bank Financial lowered Kirkland Lake Gold from an “outperform spec under weight” rating to a “sector perform spec overwgt” rating in a research note on Thursday, July 2nd. BMO Capital Markets raised Kirkland Lake Gold from a “market perform” rating to an “outperform” rating in a research note on Friday, May 29th. Roth Capital raised Kirkland Lake Gold from a “neutral” rating to a “buy” rating in a research note on Thursday, June 11th. ValuEngine lowered Kirkland Lake Gold from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Finally, TD Securities raised their price target on Kirkland Lake Gold from $76.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. Kirkland Lake Gold currently has an average rating of “Buy” and a consensus price target of $56.10.

A number of institutional investors have recently made changes to their positions in KL. Van ECK Associates Corp lifted its position in Kirkland Lake Gold by 42.5% during the first quarter. Van ECK Associates Corp now owns 21,121,296 shares of the company’s stock valued at $623,072,000 after buying an additional 6,295,862 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Kirkland Lake Gold by 165.1% during the second quarter. CIBC Asset Management Inc now owns 3,935,876 shares of the company’s stock valued at $161,558,000 after acquiring an additional 2,451,165 shares in the last quarter. Norges Bank bought a new position in shares of Kirkland Lake Gold during the fourth quarter valued at $115,208,000. Invesco Ltd. increased its holdings in shares of Kirkland Lake Gold by 124.1% during the first quarter. Invesco Ltd. now owns 2,851,602 shares of the company’s stock valued at $84,407,000 after acquiring an additional 1,579,083 shares in the last quarter. Finally, First Eagle Investment Management LLC bought a new position in shares of Kirkland Lake Gold during the first quarter valued at $39,521,000. 51.04% of the stock is owned by institutional investors and hedge funds.

About Kirkland Lake Gold

Kirkland Lake Gold Ltd. engages in the acquisition, exploration, development, and operation of gold properties. It owns and operates four underground gold mines, including the Macassa, Holt, and Taylor mines located in northeastern Ontario, Canada; and the Fosterville Mine located in Victoria, Australia, as well as three milling facilities in Canada and Australia.

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Earnings History for Kirkland Lake Gold (NYSE:KL)

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